Quarterly report pursuant to Section 13 or 15(d)

Subsequent events

Subsequent events
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent events

Note 14—Subsequent events


On October 14, 2021, the Compensation Committee of the Board of Directors authorized the issuance of 2,795,000 restricted stock units with a fair market value of $8.09 per RSU to the directors and key employees of the Company. These RSUs will vest in thirds when certain market capitalization milestones are met and maintained for twenty consecutive trading sessions. Upon achievement of a vesting milestone, the expenses related to the vested RSUs will be recorded at the award date fair market value of $8.09 per share of the Company’s common stock.


On October 26, 2021, the Company discovered it had been a victim of wire fraud due to a compromised electronic mail account. The Company has engaged a third-party forensic technology company to investigate the fraud and to recommend methods of preventing future attacks. For the three and nine months ended September 30, 2021, the Company has identified losses totaling $1,058,086 which are included as other expenses on the Statement of Comprehensive Loss. Additional losses totaling $207,220 occurred during October 2021. The Company’s internal review of disbursements made during the period of the incident is continuing and additional losses may be identified.